Despite the downgrade, bank stocks rallied strongly, with the SPDR Bank exchange-traded fund rising nearly 6.5% in morning trade, NBC News reported. Moody’s reportedly noted that an extended period of low rates combined with pandemic-related fiscal and monetary stimulus have complicated bank operations. Banks with substantial unrealized securities losses and non-retail and uninsured U.S. depositors may still be at risk, according to Moody’s.
Continue Reading on Coin Telegraph
Source: Cryptocurrency - investing.com
